Data: If Bitcoin cannot regain the $113,000 level, it may drop to $88,000

ChainCatcher message, glassnode published a market view stating that the on-chain market pattern continues to reflect that the market is in a phase of adjustment and restructuring. Bitcoin has failed to hold the cost price for short-term holders, highlighting its weakening momentum and the ongoing selling pressure from both short-term and long-term investors. The high degree of diversification among long-term holders and the consistently high volume of transfers from CEX indicate that market demand is nearing saturation, suggesting that the market may require a longer period of consolidation to rebuild confidence. Before long-term holders begin to accumulate again, the upside potential for Bitcoin may remain limited.

The market continues to struggle above the short-term holding cost price (approximately $113,000), which is a critical area of momentum clash between bulls and bears. If it fails to regain this level, it may further retreat to the actual price of active investors (approximately $88,000). It is worth noting that this analysis accurately predicted the impact of the Fed's unexpected events on Bitcoin: "The current calm in the market is conditional, temporarily stable, but if the Fed's actions deviate from expectations, this calm will become fragile."